Provisions for facilitating reconstruction and amalgamation of companies.

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..... any such persons as are mentioned in that section, and it is shown to the [2][Tribunal],___ (a) that the compromise or arrangement has been proposed for the purposes of, or in connection with, a scheme for the reconstruction of any company or companies, or the amalgamation of any two or more companies; and (b) that under the scheme the whole or any part of the undertaking, property or liabilit .....

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..... nst the transferee company of any legal proceedings pending by or against any transferor company; (iv) the dissolution, without winding up, of any transferor company; (v) the provision to be made for any person who, within such time and in such manner as the [4][Tribunal] directs, dissent from the compromise or arrangement; and (vi) such incidental, consequential and supplemental matters as .....

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..... rt to the [10][Tribunal] that the affairs of the company have not been conducted in a manner prejudicial to the interests of its members or to public interest.] (2) Where an order under this section provides for the transfer of any property or liabilities, then, by virtue of the order, that property shall be transferred to and vest in, and those liabilities shall be transferred to and become the .....

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..... any" does not include any company other than a company within the meaning of this Act; but "transferor company" includes any body corporate, whether a company within the meaning of this Act or not. ----------------------------------------- Notes:- [1] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [2] Substituted for "Court" by the Comp .....

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..... ) Act, 2002. w.e.f. a date yet to be notified. [10] Substituted for "Court" by the Companies (Second Amendment) Act, 2002. w.e.f. a date yet to be notified. [11] Substituted by Act 31 of 1965, section 62 and Schedule, for "fourteen" w.e.f. 15-10-1965. [12] Substituted for "fifty rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. -
Statute, statutory provisions legislation, l .....

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